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1Q property sales rise more than 30 percent

by Mike Consol

North America continued to show signs of a commercial property sales revival during first quarter 2013, as both the number of properties sold and total dollar volume rose sharply compared with first quarter 2012.

According to statistics compiled by Real Capital Analytics, 2,474 properties valued at $10 million or greater were sold during the quarter, a 31 percent increase from the 1,894 sold during first quarter 2012. The acquisition dollar volume increased by 33 percent, from $51.2 billion to $67.9 billion, meaning buyers paid an average $27.4 million per property.

New York City led the charge with $8.3 billion in dollar volume on the sale of 153 properties for an average sale price of $54.2 million each, followed by Washington, D.C., with $7.9 billion for 101 properties sold at a whopping average sale price of $78.2 million apiece. Los Angeles ranked third with $4.4 billion i